Recently, a popular on-demand home services app completed more than 4 million tasks for
over 1.5 million clients on its platform.
Any guesses ? Well , I am talking about the leading name in the online home services industry
that is TaskRabbit.
Hi guys - I am Ananya Mehta and welcome to our channel.
So did you know that the global home services market is expected to reach US $1,133.4 Bn
by the year 2026.
Growing at a CAGR of over 18%, this industry seems to be highly promising for budding entrepreneurs.
Moreover, the Covid adversity has led to a tremendous increase in online booking for
handymen & errand services.
Hence, if you are planning to build your own branded home services app like TaskRabbit,
now is a perfect time!
And to make sure you put the first step right, it is essential for you to understand:
· How TaskRabbit Works?
· How Does It Make Money?
· And What Made TaskRabbit Successful?
While I will be answering these one by one, make sure you subscribe to our channel for
more such informative videos.
So, I will be starting with the first thing- that is the Taskrabbit Business Model.
To put it simply, TaskRabbit bridges down the gap between 2 customer segments which
are TaskPosters & TaskDoers.
Now lemme tell you who they are, so TaskPosters are people who are looking for a professional
for some sort of services like fixing a TV, painting a room & more things.
In short, they want to outsource errands & are willing to pay for it to the Task Doers.
On the other hand, Taskdoers are the people or professionals who want to offer their services
and make some extra money.
So, apps like Taskrabbit act as a middleman that links these two segments.
That is taskposter and task doers- so a person wants to get the work done and others does
it for him.
Simple ? no let's move forwards.
Now this platform offers different Value Proposition to both segments:
For the Task Posters, TaskRabbit · Connect them to freelancers available in
their local areas · It makes sure that task posters provide
complete information about the work and payments for the same.
· It serves them with a pool of taskers far better than any other app available.
· It ensures that every task is completed on time
· It offers complete customer support throughout the day
· And it Promises the security of information and
reliability of task completion
Coming to the Value Proposition For Taskers, TaskRabbit
· Offers a great opportunity to earn extra money
· They get jobs in their local areas so that they can complete them as soon as possible
· It offers instant payments as soon as the work gets done
· It gives them flexibility to work as per their convenience.
- Work Flexibility · It let them highlight their skills, pricing,
contact details & more.
Highlight Skills & Portfolio
It’s worth noticing that in order to maintain the standard of services, TaskRabbit performs
a thorough background check.
Yes, TaskDoers are checked and interviewed to get selected as a Tasker.
(Search) Next, we come to the Revenue model of TaskRabbit
How Does TaskRabbit Make Money?
To understand how it makes money, you need to understand the revenue streams.
So let’s start checking on them one-by-one: The first is
1.
Service & Commission Fees TaskRabbit earns money by taking a service
fee, or “commission”, from their taskers.
So when a client books a tasker, TaskRabbit charges a 15 percent commission fee+on the
total price of the job.
The second is, 2.
Trust and Support Fees Now TaskRabbit alsho charges the Taskbookers
for booking a task and this is referred to as Trust & Support fee.
This fee is non-negotiable and applied to every transaction.
And it is 7.5% of the total price Next on the list is,
3.
Registration Fees Every time a freelancer applies to become
a tasker, he is charged a non-refundable registration fee.
This fee amounts to $25.
Also, TaskRabbit adds more to it’s revenue with
4.
Peak Pricing For instance, if certain services or categories
are in higher demand, they add peak pricing.
Plus, revenue is also generated through 5.
Advertising Charges So from the TaskDoers who want to be shown
on the top of the searches, need to pay for the advertisement charges.
While it helps them get more visibility and work, TaskRabbit earns some more revenue.
Hope with this, you have got a clear idea of TaskRabbit business model & the way it
makes money.
Now if you are all set to start with your branded on-demand home services app, get,
set & launch!
In case you want a consultation from C-level professionals, click on the link in the description
for booking it right away.
Till next, keep brewing new ideas!
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